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Clarient Entered Into Private Placement of Up To $50 Million in Convertible Preferred Stock With Oak Investment Partners
Date:3/26/2009

Proceeds to Retire Safeguard and Comerica Debt Facilities; Support Robust Growth

ALISO VIEJO, Calif., March 26 /PRNewswire-FirstCall/ -- Clarient, Inc., (Nasdaq: CLRT), a premier anatomic pathology and molecular testing services resource for pathologists, oncologists and the pharmaceutical industry, announced today that it has entered into a $50 million convertible preferred stock private placement with Oak Investment Partners, a multi-stage venture capital firm with $8.4 billion in committed capital. $40 million of the preferred stock will be sold in two initial tranches. The additional $10 million of preferred stock will only be sold upon further mutual agreement of the parties. The Company received $29.1 million in proceeds from the first tranche today. The proceeds of this first tranche were used to retire approximately $23.8 million of Clarient's existing debt obligations, pay transaction expenses, and provide working capital. It is expected that the second tranche will close within 60 days. The second tranche proceeds of $10.9 million will be used to retire any remaining debt obligations of the Company to Safeguard Scientifics, Inc. (NYSE: SFE) and provide additional working capital to fund the Company's growth.

The purchase price of the preferred stock equates to an effective purchase price of $1.90 per share of underlying common stock, which represents an 11% premium to Clarient's closing price of $1.71 on March 25, 2009. Under the terms of the private placement, Oak may convert one preferred share into four shares of Clarient common stock. After one year, the preferred shares convert automatically into common shares if Clar
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SOURCE Clarient, Inc.
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